BOARD OF COMMISSIONERS ‘OF COLUMBIA COUNTY Elected Officials Ron C. Cross, Chairman Ron L. Thigpen, Vice Chairman Trey Allen J. Charles Allen, Jr A. Scott Dean Appointed Officials Steve Szablewski, Administrator Erin Hall, Clerk Leanne Reece, Finance Director William Clayton, Director of Water and Sewerage COUNTY'S COUNSEL Hull, Barret, P.C Augusta, Georgia CO-BOND COUNSEL Gray & Pannell LLP Savannah, Georgia Hull, Barret, P.C. ‘Augusta, Georgia SPECIAL TAX COUNSEL Holland & Knight LLP ‘Washington, DC UNDERWRITER Jefferies & Company, Inc ‘Atlanta, Georgia UNDERWRITER'S COUNSEL ‘Murray Barnes Finister LLP Atlanta, Georgia ENGINEERS Zimmerman, Evans and Leopold, Ine. ‘Augusta, Georgia G, Ben Turipseed Engineers Allanta, Georgia COUNTY'S AUDITORS Mauldin & Jenkins, LLC Macon, GeorgiaSep 14,2010. 205 pm Pepued by Jefeies & Company, le COST OF ISSUANCE Colutia Coun, Georgia ‘Water and Severage Revenue Bonds Series 2010 (Fiat Namber) Com swine sno Amount ‘Bond Counel 230001812500 (Co-Bond Couse! 250000 151825.00 Undervrters Counsel ‘xzss2 '0}00 00 Mess Rating Fee ass768 2540000 SAP Rating Fee azar 2500.00 Fe Rating Fee 1032333 20,000.00 ‘Accountant Fee 024699 1s\oen.00 ‘enieation Agent ‘0si0s 3100.00 aying/Bserow Agent & Const Custodian 00m 1300.00, Prater Fee 000775 2900.00 74199 —__450,380.00 Paget JefferiesSep 14,2010. 205 pm Propired by Fees & Company, ne BOND SUMMARY STATISTICS Columbia County, Georgia ‘Water and Sewerage Reverse Bonds Serie 2010 New Money ‘il Nantes) Died Date 21300010 Delivery De emporio ast Matty 5012085 arbieape Yield Soeaisye Trae Ierest Cos (TIC) aaa039s%e Ne nerest Cost (IC) sewai% Allin TIC pares ‘sverige Coupon saan Average Lie (yeas) 20311 Durston fies ess) 130 Par Amount 34,785 00.00 Bond Proce 3541799495 “Tota rest 30182280.76 NetInerest Dri98 “Tora Deb Service 4967280 76 Maximum Annual Debs Service 1433507500, ‘Average Annual Det Service 2653511 ‘Underorter’s Fes (pe $1000) ‘Averge Takedown som000 Other Fee 0400496 “ote Underite’s Discount ‘5400406 Bia Price 11279603, Par ‘Average Average PV or bp Bond Component Value rie Coupon Late honge Sea Bonde 1sgo00000 103382 tea 17751 14gs110 2053 Term Bond Hio1se0000 103323 4stoe © 21.659 892215 2035 Term Bond 17960000 96791 4.000% 24.179 12,7330 347850000, 20311 3579855 atin Abiuage ne me "viel Par Value 3478500000 3478500000 34785 00000 eee + Premium (Discount) 63299495 3299495 63299495 “Undervts Disoant 18735802 Layasi * Costa Isuanee Expense 2978050 “Oe: amounts ‘Trp aloe 38230,1413 3300036063 35481799495: ‘Target Date orsar010 esrsan010 eosaa010 Yel 41M095% 4 188599% S625 Page 13 JefferiesEXHIBIT A SOURCES AND USES OF FUNDS Sources: Series 2010 Series 2010 Total New Money Refunding Bond Proceeds: Par Amount 34,785,000.00 25,945,000.00 _60,730,000.00 ‘Net Premium/OID 632,994.95 _4,012,874.75 4,645,869.70 35,417,994.95 29,957,874.75 _ 65,375,869.70 Other Sources of Funds: Interest Rate Set Asides 470,885.00 470,885.00 Principal Set Asides 223,333.33 223,333.33 694,218.33 694,218.33 eae 35,417,994.95 30,652,093.08 —_66,070,088.03 Uses: Series 2010 Series 2010 Total New Money Refunding Project Fund Deposits: Project Fund 35,000,000.00 35,000,000.00 Refunding Escrow Deposits: Cash Deposit 10,721,220.65 10,721,220.65 SLGS Purchases —19,577.591.00 19,577,591.00 30,298,811.65 30,298,811.65 Delivery Date Expenses: Cost of Issuance 229,780.50 220,769.50 450,550.00 Underwriter’s Discount 187,853.82 _128,707.78 316,561.60 417,634.32 349,477.28 767,111.60 Other Uses of Funds: Additional Proceeds 360.63 3,804.15 4,164.78 7,994, 30,652,093.08 (66,070,088.03,To: Distribution List From: Mark Widener (404) 264-5057 David Moffett (404) 264-5058 Vanessa Eckert (212) 323-3924 Anant Sitaram (212) 336-7036 Jefferies Date: September 30, 2010 (CLOSING MEMORANDUM 560,730,000 COLUMBIA COUNTY, GEORGIA ‘Water and Sewerage Revenue Bonds Series 2010 ‘Time and Location of Pre-Closing and Closing ‘The pre-closing will be held on Wednesday, September 29, 2010 at 1:30pm ET at the offices of Hull, Barrett, P.C. The closing will be conducted via telephone on Thursday, September 30, 2010 at 9:30am ET. Hull, Barrett, P.C. 7004 Evans ‘Town Center Blvd, 3rd Floor Evans, GA 30809 Douglas D. Batchelor Jr., Esq Phone: (706) 722-4481 Delivery of the Series 2010 Bonds ‘The Water and Sewerage Revenue Bonds, Series 2010 (the “2010 Bonds*) will be issued as book-entry only through The Depository Trust Company (“DTC”). The 2010 Bonds will be delivered through the FAST system, TI. Sources and Applications of Funds Estimated Sources of Funds: Par Amount of Bonds $$60,730,000.00 Plus: Net Original Issue Premium 4,645,869.70 Sinking Fund Accruals, 694,218.33 Total Sources of Funds $66,070,088.03, Estimated Application of Funds: 2010 Project Fund '535,000,000.00 Refunding Escrow 30,298,811.65 Costs of Issuance 771,276.38 Total Application of Funds $66,070,088.03 IV. Amount Due to Columbia County from Jefferies at Closing Par Amount of the Bonds $60,730,000.00 Plus: Net Original Issue Premium 4,645,869.70 Less: Underwniter’s Discount 616,561.60) Total Purchase Price 365,059,308.10 ‘Columbia County, Georg Poge Closing Memorandum Series 2010Jefferies V. Transfer of Funds by Jefferies ‘A. Transfer to 2010 Project Fund: By 9:00am ET, on Thursday, September 30, 2010, a wire transfer totaling $35,454,714.78 (representing the 2010 Project Fund proceeds of $35,000,000 plus the Costs of Issuance of $454,714.78) will be sent by Jefferies in immediately available Federal Funds to Georgia Bank & Trust, the Construction Fund Custodian, to be deposited in the 2010 Project Fund pursuant to the following wiring instructions. Bank Name Georgia Bank & Trust Project Construction Account # pan by A Gay Routing Number —_ = - ‘Account Address 409 Fury’s Fery Ra Seca conse: Martinez, GA 30907 B. Transfer to W&S Closing Fund: By 9:00am ET, on Thursday, September 30, 2010, a wire transfer totaling $29,604,593.32 (representing the Refunding Escrow amount of $30,298,811.65 less the Sinking Fund Accruals of $694,218.33) will be sent by Jefferies in immediately available Federal Funds to U.S. Bank N.A. to be deposited in the W&S Closing Fund pursuant to the following wiring instructions. RBK US. Bank NA. BNP USBANK CT WIRE CLRG Beneficiary Account Number a obsuvel feoverk Beneficiary Routing Number Ler Seeuyt Beneficiary Account Address 7 2 je ieee, Milwaukee, WI 53202-5300 regons by f ie ost ‘Tem Ref Columbia County WS Closing VI. Internal Transfer of Funds by U.S. Bank A. Transfer to Series 2004 Escrow Fund: By 10:00am ET, on Thursday, September 30, 2010, an amount totaling $19,299,533.54 (representing the portion ofthe transfer to the W&’S Closing Fund associated with the advance refunding) will be transferred by U.S. Bank from the W&S Closing Fund to the Series 2004 Escrow Fund. B. Transfer to Series 2004 Eserow Fund: By 10:00am ET, on Thursday, September 30, 2010, an amount totaling $278,058.33 (representing the Sinking Fund Accruals associated with the advance refunding) will be transferred by the U.S. Bank from the Debt Service Fund to the Series 2004 Escrow Fund, Transfers A and B total $19,577,591.87 of which $19,577,591.00 will be used to purchase SLGS to call the Series 2004 bonds on June 1, 2014 at par. The remaining 80.87 will remain in the Series 2004 Escrow Fund as cash. C. Transfer to Current Refunding Fund: By 10:00am ET, on Thursday, September 30, 2010, an amount totaling $10,305,059.78 (representing the portion of the transfer to the W&S Closing Fund associated with the current refunding) will be transferred by U.S. Bank, acting as Paying Agent, from the W&S Closing Fund to the Current Refunding Fund, D. Transfer to Current Refunding Fund: By 10:00am ET, on Thursday, September 30, 2010, an amount totaling $416,160.00 (representing the Sinking Fund Accruals associated with the current refunding) will be transferred by U.S. Bank, acting as Paying Agent, from the Debt Service Fund to the Current Refunding Fund, Transfers C and D, totaling $10,721,219.78 will be used to cash defease and redeem the Series 1996A and Series 2000 bonds on the date of closing, September 30, 2010. Columbia Cou, Georgia Page? Clotag Memoranda Series 2010 eJefferies VIL DIC Not Upon completion of the aforementioned wire transfer, representatives of Columbia County, Jefferies & Company, Hull, Barrett, P.C. and U.S, Bank, will jointly call DTC at (212) 855-3752 to release the Bonds. Please fecl free to dial in to the call using the following di ation in information: VIII, ‘Transfer of Funds for Cost of Issuance Expenses by Columbia County ‘After the transaction is closed, Columbia County will pay the following costs of issuance to the appropriate parties from the 2010 Project Fund: Bond Counsel $146,825.00 Co-Bond Counsel 146,825.00 Underwriter’s Counsel 35,000.00 Special Tax Counsel 25,000.00 Moody’s Rating 28,400.00 Standard & Poor’s Rating 26,000.00 Fitch Rating 20,000.00 ‘Accountant 15,000.00 Verification Agent 3,100.00 Paying/Escrow Agent 1,000.00 Construction Fund Custodian ‘500.00 Printer 2,900.00 ‘Miscellaneous 4,164.78 Total Costs of Issuance ‘Cotumbia Cooney, Gearaia ge Glriag Memormnon Series 2010 i -